Coversure Insurance Services Group (CISG), one of the UK’s leading independent insurance groups, is delighted to announce that the business has been acquired by the current management team as part of a management buyout backed by private equity firm Livingbridge.
Tim Wright will join Coversure’s management team as non-executive Chairman as part of the deal. Tim was previously Head of Corporate Risk & Broking at Willis Towers Watson and, before that, Chief Executive of Willis International.
Livingbridge have invested in over 100 growing businesses in the last twenty years and have particular expertise in the insurance sector having previously invested in businesses such as Kingsbridge Risk Solutions. They will work closely with the management team to expand the franchise operation via acquisitions, new locations and the services offered. Further growth will be delivered by extending the product range, accessibility and investment in technology.
CISG comprises of online wholesaler Policyfast, specialist underwriters CUL, software house Datamatters, and insurance broker franchise Coversure. Founded 30 years ago, it has grown to over 90 offices throughout the country via an organic growth strategy that saw Coversure deliver Gross Written Premium (GWP) of £116m, Policyfast deliver GWP of £42m, and CUL deliver GWP of £9m in the financial year ending March 2018, leaving the Group well placed to build on this performance with Livingbridge’s backing.
The deal is set to complete later this year, subject to regulatory approval.
Commenting on this latest success, Coversure’s CEO Bob Darling said;
“The management buyout is great news for all concerned. It will allow us to invest in the business and offer even more customers and brokers the high standards of service for which the Group has become renowned. Having Livingbridge as our investor and Tim as our Chairman will enable us to explore new opportunities and give us the impetus we need to accelerate our growth, both on and off the high street. All our stakeholders, brokers and staff can look forward to an exciting period of growth and development that I feel will be to the benefit of all.”
Xavier Woodward, who will be joining Coversure as a non-executive Director from Livingbridge, commented;
“We are very pleased to be backing Bob and his team and feel that Tim will be an excellent addition at board level given his deep experience of the sector. CISG is a business that performs a valuable role in helping brokers deliver service excellence to their customers. We are excited about helping CISG, and all the partners they work with, grow in this next stage of development.”
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